-outperform its benchmark/style peers
We should outperform in tough, volatile markets and under tough economic conditions such as recessions, high inflation, and in the initial stages of recovery. Examples of when we outperformed are the 1970s, most of the 1980’s, from 2000-2008, and 2021-2022. We do the best, and are the most comfortable, when the conventional consensus is pessimistic.

-underperform its benchmark/style peers.
We may underperform when a “fad” mentality dominates the markets and the economy and everybody “knows” the future is glorious and all you have to do is own stocks, they will only go up. We matched the markets in the early 1990s, lagged in the late 1990s, and lagged again from 2010-2020 because we did not get caught up in the fads. We tend to do  less well, and we get nervous, when the conventional consensus is optimistic.